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This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferro, along with Lisa

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Laura Raim of FS Investments is with us alongside Sockgen's Subadirich Appa.

Laura, let's start with you.

Your reaction to this date, you've had five minutes to chew over it. What stands out for you?

So you know we've had now sort of four months of unfriendly inflation data and growth really continuing to surprise to the

outside today's got to be a huge relief because some of the early numbers for

April were really confirmed by this broader look and this broader data.

So, you know, this is a more davish report.

I feel like you have to acknowledge that.

I do notice the slowdown in spending,

especially the real spending.

We're starting to get data for Q2, and, you know,

...